Young adults are presented with their own set of unique challenges when it comes to managing their money. Being younger and without assets means many of the investment strategies available to older adults are not accessible to them. This blog will try to provide money wise tips and advice with younger adults in mind.

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In today's world of instant everything you may be wondering
why bother with your credit score? Your credit score is important because it is
the first thing any financial or lending institute will look at to determine if
you are a reasonable risk to lend money to.But maybe I'm getting ahead of myself...

What Is A Credit Score?

Generally speaking, your credit score is a measure of your
financial history and your anticipated ability to manage debt.Its a complicated formula that takes
into account your loan and repayment history across all sectors.Also considered are the types of loans and
accounts you have and how often you apply for loans.Ultimately the goal is to assign a three-digit number that
represents your creditworthiness.

How To Maintain A Good Credit Score

Now that you have a basic idea about what a credit score is
you also have an idea of its importance in your financial plan.Your objective then is to maintain a
good credit score so that you can:

·get a credit card

·get a mortgage

·get a car loan

·get a bank loan

So how do you keep a strong credit score?Be diligent.

·pay your bills on time

·only apply for credit that you need - you don't
need six credit cards

·maintain a variety of banking and investment accounts

·be employed - show regular deposits into your
account

Basically, if you practice good money management you should
be able to maintain a good credit score.

All good practices and intentions aside, your credit score
will move around a bit depending on your financial situation.As time goes on and you acquire more debt,
get a mortgage, have a family, etc. its important to remember to always make
your payments on time.That is
probably the one thing that will affect your credit rating the fastest.

Life happens so try not to
sweat the small stuff.Just do
your best and try to always keep a thought on your credit score when you are
making financial decisions. A budget is the perfect tool to help you stay on track.

Growing up we assume the different aspects of our life are separated or compartmentalized by society. We couldn't be more wrong.

Social Stigmas

When we look at people or people look at us assumptions are made - good or bad, right or wrong. Everyone forms an opinion about another person based solely on sight. Add to the sight assumptions - rumors and your have a volatile mix of misinformation.

Here are some more common stigmas:

She goes to church with her parents = a 'good' girl

He got into a fight at school = trouble, always looking for a fight

His dad's a drunk = the kids will be unambitious drunks too

Her parents are really smart = she is smart

You get the idea.

These are simple assumptions based solely on the kids' parents and the whole 'apple doesn't fall far from the tree' mentality. How accurate are they? Not even close.

How Social Stigmas Affect You

Social stigmas are out there. They are an automatic response in every person. Maybe its a throwback to our primitive ancestors when instantly accessing another individuals intentions was a life and death skill.

Many people don't even realize they are making assumptions or if they do they make a conscious effort to ignore them. You can't avoid being immediately categorized upon initial contact. What you can do is make a good first impression.

How to Limit the Effects of Social Stigmas

As you grow older, rumors tend to play a bigger role in social stigmas than pedigree. Your best option then is to make sure the rumors are more positive than negative. So how do you do that:

Realize everything you do is being observed and judged by someone. From where you live to what you do for a living. How you treat other people to how you interact with animals. Where you go on vacation to how you spend your non-working hours. It is all being observed, shared and judged.

Nothing ever goes away on the Internet. Everything put on the Internet is there forever so be very careful about what you post. Those drunk photos or nude selfies might find their way to your boss or possibly even the spouse you never had at the time (think 10 years later).

Be real. Be you. If you are happy with who you are then be that person all the time. The rumors will reflect this person.

Actions always speak louder than words. The person you present to the world through photos, writing, speaking and interactions will ultimately overwrite the rumors. Just remember, you can't hide.

Ultimately the Internet can be your best friend or worst enemy depending on how you use it. It is becoming more and more common for a prospective employer to do a 'quick' Google search on their applicants. What will they find if they were to type in your name? This article: Can Social Media Affect Your Credit Score?has more great but disturbing information on this topic.

In the end you are who you are. You will always be gossiped about and assumptions will always be made. All you can really do is quit feeding the fire.

Everybody likes a deal.That's why rebates work so well.Consumers walk into a store, if there are two
competitive products side by side for a similar price but one item offers a
mail-in rebate which item do you think ends up in the cart?You got it - the one offering the
rebate.

Unfortunately, not all rebates are created equal.Some rebate applications are long,
complicated processes.Some
rebates come with unexpected fees and expiration dates.Some rebates don't come at all.

Be Aware

The truth is stores don't want to give you a rebate on
anything.It costs them money.So to help limit the number of rebates
actually handed out a store relies on a common human trait - laziness.

Long, complicated forms that require accompanying receipts
and barcodes sometimes even a small fee to cover shipping prove to be major
deterrents for a lot of people.For those of us that persevere there are other issues:

·Expiry
dates.Read the fine print on
the rebate offer.Often an item
will sit on the shelf long after the expiry date on the rebate offer.If the only reason you are buying that
product is the rebate make sure you have time to claim it.

·Hidden
fees.If you have to pay a
shipping fee, processing fee or user fee then is the rebate really worth
it?

·The
delivery method.The trend
seems to be leaning away from issuing checks for rebates - the preferred
delivery seems to be debit cards.This could be a problem if a store won't accept it as part of a combined
payment.For example, you use the
remaining balance on your card plus cash to make a purchase.

Not All Rebates Are Scams

While it's true you have to be a smart consumer and do your
due diligence when it comes to rebates its important to note that not all rebates
are out to cheat you.Many big and
small businesses use rebates as a marketing tool with no malicious intent at
all.

You can feel secure in the fact that if you follow the
rebate application requirements to the tee you will get your promised rebate
from any of the big name companies.The smaller, no-name businesses might be a different story so a quick
Internet search might be in order.

As a general rule your rebate should arrive in several
weeks.If it arrives too fast then
you should run a quick check on the issuer just to be safe.

The best rebates are the instant rebates that are given at
the till.Be sure to check your
bill though before you leave the store.Sometimes claiming a rebate requires a teller to manually enter it and
it can easily be forgotten.

Rebates can be good for the pocket book if they are
legitimate.However, if you are
making a purchase just because it has a rebate attached to it then you are
indulging in impulse buying and that is ultimately bad.See my article, The Curse of theImpulse Buyer for more about impulse buying.

Before jumping on the rebate bandwagon consider the regular
price, quality and legitimacy of the company offering the rebate.Read the fine print and take note of
the expiry date and application process. Shop smart and buy things because you
need them. You are not actually
saving anything if you purchase something you will never use.

The Consumer Affairs website has many great articles on
rebate scams and safe practices if you are interested in learning more.

Financial independence is something we all dream about but unfortunately for many people it will always remain a dream. Most people are destined to be poor forever.

Luckily, you are taking steps to keep you from falling into the "poor forever" trap. Making money is a habit that you learn through education and experience.It takes commitment and dedication on
your part. Most importantly, it takes an attitude.

What Is Your Financial Situation?

One of the biggest mistakes people make is in not knowing
their financial situation. Things like how much debt you are carrying, the
actual costs of items like insurance and loans or not thinking about the
future.Things sneak up on you
when you live like this.Big
things - like foreclosures and repossessions.

10 Steps To Keep You Out Of The Poor House

To help you stay out of the poor house I've made a list of
some of the most important factors you need to keep in mind.

1.Get educated.Either through courses offered at work, post secondary
education or on-line classes - make yourself a more valuable employee.

2.Know your debt.Consolidate all your debt into one place so you can see at a
glance how much money you owe.Be
aware of this debt and work to minimize it.

3.Pay back your debt.Easier said than done sometimes but you need to make every
effort to pay debt off.Interest
rates on personal debt is high and if you don't get a handle on your debt it
quickly becomes unmanageable.

4.Don't live outside your means.Before you run out and spend money ask
yourself if you really need it-
then ask yourself how you are going to pay for it.Remember, debt is not necessarily your friend.

5.Learn your tax system.Educate yourself on the basic tax rules.Knowing how your government taxes you
will help you save money.You can
plan major purchases or sales to minimize your taxes owing.

6.Save some money.Canada has plans like the RRSP - registered retirement
savings account and TFSA- tax
free savings accounts that offer incentives to help you save money for the
future.Even $50/month will make a
difference.

7.Graduate.Post secondary studies are a great thing.There is so much you can learn but it is expensive.Unless someone else is paying your way
you need to graduate and get to work.

8.Review your insurance needs.Insurance costs can get expensive. Know
what you need to insure and review your insurance needs yearly.

9.Forget about the Jones.Be your own person.Don't try to compete with those around
you it will only drag in down into the debt trap.

10.Choose your friends wisely.Surround yourself with people that have
a similar mindset as you.You
constantly feed off of the people around you.They motivate and educate you so make sure your friends are
people who will help you move forward.

These are factors that I feel are important for a healthy
financial life.As you educate yourself
on personal finance and wealth building you will develop your own list.

Whatever points you decide are important will be correct for
you and your personal mindset.The
main idea here is that you need to always be thinking about money and how you
are going to keep it in your pocket.

The Future Is Yours

The future will be what you make of it. Life will
undoubtedly throw you curve balls but if you keep a strong 'money matters'
mindset you can overcome anything.Save Money By Keeping Track Of Your Receipts is another article I've posted that you might find helpful when it comes to knowing where your money is going.

That being said, don't let money consume you.Make time for friends and family they
are what is really important.Money may make living life easier its people that make life worth
living.

An impulse buyer can have more of an impact on your
financial situation than you may realize.Often, you don't even recognize yourself as an impulse buyer - or if you
do, you don't realize how bad it is.

ARE YOU AN IMPULSE BUYER?

Ask yourself these simple questions:

·Does anyone complain about how much money you
are spending?

·Does the balance on your credit card surprise
you at the end of the month?

·Do you have more clothes, shoes, jackets, etc.
than you can possibly wear?

·Do you have all the latest gadgets as soon as
they are released?

·Do you buy things you "didn't even know you
wanted" until you saw it in the store?

If you answered "yes" then you may be (probably
are) an impulse buyer.

THE EFFECTS OF IMPULSE BUYING

The effects of impulse buying are varied but in the end
someone will suffer.

If you are single and unattached then the only thing
suffering is your bank account.However, if you have a family or significant other then your
uncontrolled spending will also affect them by limiting what you can afford to
buy or do as a family.

HELP FOR THE IMPULSE BUYER

The good news is once you recognize your impulse buying habit;
you can take steps to control it.

1.Only go shopping when you actually need something.Don't wander aimlessly through the
stores this actually promotes impulse purchases.Go only to the store you need and pick up only the items you
came for - then leave, fast.

2.Carry cash.If you can't seem to stay out of the stores then carry cash.Leave the credit cards at home and just
carry a minimal amount of cash.Plan ahead for your purchases and bring just enough money for the item
you're planning on buying.

3.Make a list.Write down what you are planning to buy when you go to the
store and then follow your list.

4.Give yourself some buffer time between seeing an
item you want and the actual purchasing of the item. If you spot something not
on your list then tell yourself you have to wait until it is on a list before
you can buy it.When you get home
put it on a list if you still think you need it.

5.Wait two weeks.For the bigger items (set a dollar limit, say $50) make
yourself wait two weeks before going back to buy it.That should be enough time to decide if you really need it
or not.

Don't be too hard on the impulse buyer - whether it's
yourself or someone else.As
consumers we are buffeted 24/7 by advertising blitzes and some of those
advertisements can be pretty convincing.

Recognize impulse buying as a problem and take steps to limit
it. My previous article:Frivolous Spending, will help with this. It might also help to set a
financial goal to feed your "impulse" money to instead of random
products - like a down payment on a house, new car, vacation, education, etc.

Retail therapy - the act of buying something in the hopes it
will make you feel better - is not something you want to indulge yourself in
for very long.Follow the five
steps listed above and get control of your spending.

For some reason many people think a business that is run out of the home is not really work. I've even heard some people say home based business operators are lazy, unmotivated or don't want a real job. These nay-sayers couldn't be more wrong.

Most people that run a business out of there home work very hard at it. That being said there are many different types of businesses with different levels of commitment required. Basically, you get out what you put in.

What Can You Expect To Gain:

This post is not about the different types of home based businesses though. Its about the benefits of running one.

Tax Savings. Everyone pays taxes. The average employee will pay taxes on every dollar he earns and if he's lucky he might have a few allowable deductions or credits that he can use to recover some of his money. The home business owner also pays taxes on every dollar earned but he can then claim deductions for all the money he spent to earn his income. This is powerful.

Your Own Hours. If you work your own business out of your home you can set your own hours - to some degree. Obviously, you will still need to interact with the general public during regular business hours. You can choose how many hours a day you want to work. When you start. What days you take off, etc. Usually though, many home business owners tend to work longer hours that they did at their regular day job. On the plus side, those hours benefit you directly not some corporation.

Family Time. Many home business owners are stay at home mom's or dad's. Often they work when the kids are napping or at school. If available often parents will drop their kids at preschool, play school, a babysitter or daycare once or twice a week so they can work and the kids can socialize with peers.

Attitude. While its true that there might be more pressure on you to make your business work its your business. With the pressure comes a sense of pride, a sense of ownership and a level of satisfaction that you normally wouldn't find as an employee. You now have a reason to get up in the morning and your motivated to go to work.

Your The Boss. You get to make the decisions. You get to reap the rewards. You get to hire and fire. You're the boss! That also means you are responsible for all the bad decisions as well but - you're the boss! I bet that feels good.

To put this in perspective lets look at Jill.

Jill is married. Her husband works at a construction job and makes decent money. Jill is a hairdresser. They have two children in elementary school. Jill's wage pays for the babysitter they need to look after the kids everyday after school and the odd Saturday if they are called to work.

Jill quits her job and sets up a hairdressing shop in the spare bedroom at their house. Now Jill is able to be home when her kids get home or if one of them is sick - no more babysitter. Jill builds a clientele and is busy. She hires someone to come in part time and help her. Since she has help Jill expands her business to include hair cuts and styles at the clients home. Everyone is happy.

When tax time rolls around Jill is starting to worry. She has made more money than she ever did working for a wage. Fortunately, she is able to lower her earned income with business deduction. The cost of setting up her shop and all her supplies are deductible. Her employee's wages are deductible. She can also claim a portion of the household utility bills and mileage for the use of her car.

In this example our home business owner is really working her business hard. If you are not ready to commit to that degree there are many businesses you could work in the evenings or weekends. As long as you can show that you are running a business with the intent to make money you should qualify as a home business as far as the tax man is concerned. Local by-laws may limit you to some degree so always check that before you commit yourself.

Your home based business may consist of only an office in your house if your business is internet based or requires you to visit clients homes. That is another benefit - you don't have to make your home assessable to the public - go to them.

What's Holding You Back?

If you have an entrepreneurial spirit then a home based business might be a good fit for you. Look around your community and see if there is a need you can fill. Check out the by-laws relating to home based businesses. Then plant a sign in your front yard and get to work. Build your business slowly and stay working at your day job until you are confident enough to run it full time.

Home based businesses are not for everyone but you might just find one you.

Teens are in a tough position. They go to school, do homework and maybe play sports or have extracurricular classes in the evening. They also desire 'things' which require money.

As parents we don't (or maybe can't) afford to just give them money for every whim. As parents we have learned the hard way the cost of money. Teens especially have many whims - from new video games and gaming platforms to that first car. We need to encourage our teens to find some way to make their own money.

Jobs for teens:

Paper route. In many communities newspapers or flyers are hand delivered to residents. You might try inquiring at your newspaper offices or even the post office for delivery jobs.

Odd jobs. Make yourself known to your neighbors and especially the elderly in your community. Let them know you are available for odd jobs. I suggest you make up a flyer listing your skills, what you would charge and your contact information. Either hand deliver the flyer (this would be best) or leave it in their mail boxes.

Bottle returns. When we purchase beverages the containers come with a bottle deposit. When you return the bottles to a bottle depot you get a portion of the deposit back. Collect bottles from around your community to return. Again visit your neighbors and offer to return their bottles for 50% of the refund.

Babysitting. If you are responsible and like kids then take a short course on babysitting and make yourself know to those people in your community that have young children. Again make a flyer stating that you have taken the babysitting course, include your fee and contact information.

Tutoring. Are you smart in some subject in school? Present yourself as a tutor and help other kids. Along the same lines - if you know a second language then you are in a position to help people learn that language or to learn English.

Pet walking/sitting. Make a flyer and offer to walk pets or feed pets for people on vacation.

Shovel walks. People will pay you to shovel their walks and driveways. Let them know you are available.

Write. Do you like writing? There are plenty of places online to publish short articles and make a bit of money. Teach yourself to blog or write and publish an ebook to make some extra cash. This can be a bit slower but its something you can do from home.

Do chores. Make an agreement with your parents to do some specific chores (or cleaning) in exchange for a weekly allowance or 'by the job' fee.

Yard work. Visit your neighbors and offer to mow their grass, plant or weed their flowers, trim hedges or just do a basic yard clean up.

While teens do have some limitations related to location, transportation, knowledge and age, they are still able to work. As long as they are ambitious they are only really limited by their imagination.

Parents of course, play a big role in what their teen does to earn extra money. As a parent you need to be supportive and at the same time keep your child safe. Most of the job ideas presented above can be done within walking distance of home but some may require parent involvement. Teens need to respect that parents are busy and may not be able to drive them around.

As you can see, there are jobs out there for the ambitious/driven teen. You need to focus on a plan and make it happen.